Elliott, a US activist investor, has withdrawn its plans to privatize electronics retailer Currys after its two acquisition proposals were turned down.
Last month, the investor, who also owns Waterstones, increased its bid for the FTSE 250 listed company following an initial rejection. The revised offer of 67p per share valued Currys at approximately £756 million.
However, JO Hambro Capital, a major shareholder in Currys, later expressed dissatisfaction with the low valuations assigned to companies by the London stock market, arguing that Currys is worth significantly more than its current market valuation.
Elliott announced today that, based on the publicly available information, it is not in a position to present an enhanced bid for Currys.
The statement concluded with Elliott’s confirmation that it has no plans to make an offer for Currys.
